Energy prices for millions of Britons are expected to rocket from October after the energy regulator said it would increase its cap on the most widely used tariffs by about 12-13%, due to soaring global gas prices. A cap on electricity and gas bills came into effect in January 2019 and was aimed at ending what former British Prime Minister Theresa May called “rip-off” prices charged by energy companies. Ofgem said the rise was driven by a 50% increase in wholesale energy costs over the last six months. “We can’t ask companies to sell energy for less than it costs them to buy it,” Jonathan Brearley, chief executive of Ofgem said in a briefing with journalists. Consumer groups warned the rise will come at the worst possible time in the autumn as the furlough scheme, designed to support jobs throughout the coronavirus pandemic ends, […]